{"id":30171,"date":"2023-09-27T03:52:47","date_gmt":"2023-09-27T07:52:47","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30171"},"modified":"2023-09-27T03:52:47","modified_gmt":"2023-09-27T07:52:47","slug":"bitcoin-price-could-see-recovery-if-it-holds-this-key-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/27\/bitcoin-price-could-see-recovery-if-it-holds-this-key-support\/","title":{"rendered":"Bitcoin Price Could See Recovery If It Holds This Key Support"},"content":{"rendered":"

Bitcoin price is consolidating above the $26,000 support. BTC could start a recovery wave if it clears the $26,500 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $26,000 support zone.
\nThe price is trading below $26,400 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent recovery wave unless there is a clear move below $26,000.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price remained stable above the $26,000 support zone<\/a>. BTC seems to be forming a short-term support base above the $26,000 level and is currently consolidating.<\/p>\n

Recently, the price made a recovery wave attempt above the $26,200 level. However, the bears remained active below the $26,500 level. They rejected the 50% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.<\/p>\n

Bitcoin is now trading below $26,400 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,300 level. There is also a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be near the $26,350 level or the 100 hourly Simple moving average, above which the price could revisit the $26,500 resistance or the 76.4% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

To start a recovery wave, the price must settle above $26,500. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $26,300 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,050, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,300, $26,500, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is consolidating above the $26,000 support. BTC could start a recovery wave if it clears the $26,500 resistance zone in the near term.<\/em><\/p>\n

Bitcoin is still consolidating above the $26,000 support zone.
\nThe price is trading below $26,400 and the 100 hourly Simple moving average.
\nThere is a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a decent recovery wave unless there is a clear move below $26,000.<\/p>\n

Bitcoin Price Eyes Recovery<\/h2>\n

Bitcoin price remained stable above the $26,000 support zone<\/a>. BTC seems to be forming a short-term support base above the $26,000 level and is currently consolidating.<\/p>\n

Recently, the price made a recovery wave attempt above the $26,200 level. However, the bears remained active below the $26,500 level. They rejected the 50% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.<\/p>\n

Bitcoin is now trading below $26,400 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $26,300 level. There is also a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

The next key resistance could be near the $26,350 level or the 100 hourly Simple moving average, above which the price could revisit the $26,500 resistance or the 76.4% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

To start a recovery wave, the price must settle above $26,500. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $26,300 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $26,050, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,300, $26,500, and $27,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30171","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30171"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30171\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30171"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}